More data on a flurry of year-end commercial real estate deals continues to come in, with a Short Pump strip center the latest to change hands as 2024 came to a close.
The Short Pump Station shopping center at 11301 W. Broad St. sold late last month for $54.9 million, Henrico County records show.
The new owner of the Trader Joe’s-anchored center is Nuveen Real Estate, a Chicago-based firm that’s a subsidiary of the Teachers Insurance and Annuity Association of America.
According to its website, Nuveen has over $147 billion of assets under management, including an office tower in Denver, per BizSense sister site BusinessDen.
The sale closed Dec. 30. Cushman & Wakefield’s John Owendoff worked the deal. The county most recently assessed the 91,400-square-foot shopping center at $41.5 million.
Short Pump Station was developed in the late 2000s and is home to one of the region’s two Trader Joe’s grocery stores. It’s over 91 percent occupied, with other tenants like Ulta, LongHorn Steakhouse and Petco.
The seller in the deal was New York-based Wafra Inc., whose portfolio also is valued in the billions. Wafra had purchased Short Pump Station in 2021 for nearly $47 million.
Neither Wafra nor Nuveen spokespeople were available for comment.
Over $320 million worth of commercial real estate sales were finalized in the last days of 2024, with large industrial, retail and multifamily deals all closed just before the calendar turned over.
Among those sales were the Airport Logistics Center, which sold for $66.9 million; the Dabney Center industrial park, which went for $75.3 million; and The River Lofts at Tobacco Row apartments, which at $123.5 million was the region’s biggest sale of the year.